Mastering the Trade, Second Edition: Proven Techniques for Profiting from Intraday and Swing Trading Setups (John F. Carter, 2005)

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  • Money is never lost in the market, it simply move from one trader to another.
  • "Show me a guy with a system, and I'll show you a guy who is welcome in my casino."
  • Bollinger Band with Kelter Channel: when BB came back to KC, time to trade.
  • Typical setup
    • EMA 8, 21, 200
    • Slow Stochastic 14, 3, 3
    • MACD 12, 26, 9
  • 40 trading tips
    1. Trading is simple but not easy. No hope, focus on setup and stick to stops.
    2. Exit early if the direction is obviously going against yours.
    3. Trading is boring.
    4. Amateur become pro when they stop hunting for the holy grail technical indicator.
    5. You are against the other traders.
    6. Watch your emotions.
    7. Don't be too overly excited.
    8. Don't overtrade.
    9. Never have the idea of making big money from a trade.
    10. Focus on executing the trade and not the money.
    11. Focus on protecting your risk and not the money.
    12. Best risk management is not to trade, especially during uncertainty.
    13. You will be sharper trading less than more.
    14. Do not damage your capital, stick to stop and trade less.
    15. Be calm once you made a trade.
    16. Never let a day trade turned overnight.
    17. Use trailing stop to continue.
    18. Don't overweight your trades.
    19. Don't be afraid to re-enter.
    20. Trust yourself and stick to the stop.
    21. Take it well in a loss and move on.
    22. Manage your per trade %.
    23. Look at all time period of the market.
    24. Keep the position small.
    25. Do not average down your position.
    26. Enter in full size.
    27. Scale out your position.
    28. Do not enter trade when your adrenaline come.
    29. Do not buy what others scalped.
    30. Do not hang out like a loser.
    31. Learn discipline.
    32. Siphon off all your profits in a monthly basis.
    33. Professional risk small amount per trade.
    34. Professional focus on limiting risk and protecting capital.
    35. Heroes get crushed in financial market.
    36. Traders never believe they will blow out their account.
    37. The market reinforces bad habits and your mistakes will be worse.
    38. Always blame yourself for the loss.
    39. Always think how much you can lose in the trade.
    40. No one can tell your what will happen in the market.

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